CAPI 6.1.1 Classification of contracts

(1) A firm that is a QFC captive insurer must, in its own records, classify—
(a) contracts of insurance carried out by it as a captive insurer; and
(b) contracts of reinsurance entered into by it as cedent;
according to the category in which the contracts fall.

Note Cedent and category are defined in the glossary.
(2) If a contract of insurance is in more than 1 category, a firm must record separately the portions of the contract that relate to each category.
(3) However, a firm need not record immaterial portions of a contract of insurance separately.
Derived from QFCRA RM/2011-1 (as from 1st July 2011)